ALEXANDRIA REAL ESTATE EQUITIES, INC.
For the period ended Jun 30, 2025. Filed Jul 21, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 21, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-28.
0001035443-25-000136
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-21.
0001035443-25-000179
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 1245 previous paragraphs and 1635 current paragraphs.
788 unchanged; 298 reworded; 503 added; 135 removed; 24 previous and 46 current paragraphs rearranged.
Tables are not compared: 76 previous and 86 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (503)
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construction and one 100% pre-leased committed near-term project expected to commence construction in the next year.
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•Investment-grade or publicly traded large cap tenants represented 53% of our annual rental revenue;
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(1)Reflects temporary vacancies aggregating 668,795 RSF, or 1.7%, which are now leased and expected to be occupied upon completion of building and/or tenant
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improvements. The weighted-average expected delivery date is January 2, 2026. Refer to “Summary of occupancy percentages in North America” in Item 2 for additional
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details.
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•Significant liquidity of $4.6 billion.
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•Since 2021, ourquarter-end fixed-rate debt averaged 97.2%.
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•Leasing volume of 769,815 RSF during thethree months ended June 30, 2025.
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•In July 2025, we executed the largest life science lease in company history with a long-standing multinational pharmaceutical
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tenant for a 16-year expansion build-to-suit lease, aggregating 466,598 RSF, located on the Campus Point by Alexandria
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Megacampus in our University Town Center submarket. If this were included in the leasing volume for the three months ended
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June 30, 2025, the total leased RSF would have increased to 1.2 million RSF for the three months ended June 30, 2025 from
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information.
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June 30, 2025 and 13.2% and 6.9% (cash basis) for thesix months ended June 30, 2025.
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•84% of our leasing activity during the last twelve monthswas generated from our existing tenant base.
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Key operating metrics
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•Total revenues
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•$762.0 million, down 0.6%, for thethree months ended June 30, 2025, compared to$766.7 million for thethree months
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5.1% for thethree months ended June 30, 2025.
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•$1.52 billion, down 1.0%, for thesix months ended June 30, 2025, compared to$1.54 billion forthesix months ended
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thesix months ended June 30, 2025.
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•(5.4)% and 2.0% (cash basis) for thethree months ended June 30, 2025, compared to thethree months ended June 30,
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768,080 RSF acrosssix properties and four submarkets, with aweighted-average lease expiration date of January 21,
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ended June 30, 2025 would have been(2.1)% and 6.5% (cash basis). As of June 30, 2025,153,658 RSF was leased with
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a weighted-average lease commencement date of April 30, 2026, and we expect to favorably resolve the remaining
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2 for additional details.
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•(4.3)% and 3.4% (cash basis) for thesix months ended June 30, 2025, compared to thesix months ended June 30, 2024.
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•$59.8 million for thesix months ended June 30, 2025, representing cost savings of $31.9 million, or 35%, compared to the
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•By maintaining our recent dividendat $1.32 per share, over $40 million of additional liquidity and equity capital can be
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reinvested annually.
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•Dividend yield of 7.3% as of June 30, 2025.
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total dispositions and sales of partial interests in 2025 (in millions):
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(2)Represents temporary vacancies as of June 30, 2025 aggregating 668,795 RSF, primarily in the Greater Boston, San Francisco Bay Area, and San Diego markets,
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which are now leased and expected to be occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date is January 2,
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losses aggregating$180.2 million and$172.5 million, respectively.
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operations consisted of$30.5 million of realized gains,$21.9 million of unrealized losses, and$39.2 million of impairment
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proceeds from our February 2025 unsecured senior notes payable offering.
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•During the three months ended June 30, 2025, we did not repurchase any shares.
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•In August 2025, we expect to repay a secured construction loan held by our consolidated real estate joint venture at 99
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Coolidge Avenue, a development project where we have a 76.9% interest. The project is currently 76% leased/negotiating and
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construction.
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•Significant liquidity of$5.3 billion.
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•Since 2021, an average of 97.9% of our year-end debt balances have been fixed rate.
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•Continued solid leasing volume aggregating 1.0 million RSF during thethree months ended March 31, 2025, thefifth
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consecutive quarter with leasing volume exceeding 1 million RSF.
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Maintained solid operating metrics
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•Total revenues of$758.2 million, down 1.4%, for thethree months ended March 31, 2025, compared to$769.1 million for the
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increased by 3.9% for the three months ended March 31, 2025, from$730.0 million for the three months ended March 31,
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compared to thethree months ended March 31, 2024 includes certain lease expirations during thethree months ended March
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same property net operating income changes for the three months ended March 31, 2025 would have been 0.1% and 9.0%
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•General and administrative expenses of$30.7 million, savings of$16.4 million or 35%, for thethree months ended March 31,
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•Dividend yield of 5.7% as of March 31, 2025.
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•Average annual dividend per-share growth of 4.5% from 2021 through thethree months ended March 31, 2025 annualized.
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operating activities after dividends.
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(1)Includes 0.7% of RSF that is re-leased with a weighted-average commencement date around the end of 2025 and 0.6% of RSF that is subject to ongoing negotiations.
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Item 2 for additional details. The balance of lease expirations for the three months ended March 31, 2025 that became vacant was spread across multiple submarkets,
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with no individual space aggregating greater than 62,000 RSF.
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Strong and flexible balance sheet
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losses aggregating$204.9 million and$173.1 million, respectively.
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operations consisted of$29.3 million of realized gains,$68.1 million of unrealized losses, and$11.2 million of impairment
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This issuance marked our tightest-ever spread to the 10-year treasury rate, surpassing our previous record in September 2019
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by 25 bps.
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•During the three months ended March 31, 2025, our unconsolidated real estate joint venture at 1655 and 1725 Third Street, in
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which we own a 10% interest, located in our Mission Bay submarket, refinanced$500 million of an existing fixed-rate secured
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note payable with a new secured note payable, which bears a fixed weighted-average interest rate of 6.37% and matures in
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result in incremental costs aggregating $40 million–$50 million and a corresponding decline in initial stabilized yields of
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approximately 2.5 to 3.5 basis points for our existing active development and redevelopment projects. This estimate does not
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months.
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(4)Represents the weighted-average lease term of executed leases based on annual rental revenue for the approximate 10-year period for the years ended December 31,
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2016 through 2024 and the three months ended March 31, 2025.
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of ARE’s Annual Rental Revenue
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Biotechnology
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Other Investment-Grade
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or Large Cap Tech
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companies, and retail-related tenants.
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Long-Duration and Stable Cash Flows FromHigh-Quality and Diverse Tenants
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Long-Duration Lease Terms
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9.6 Years
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7.6 Years
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Research Triangle, and New York City. As of March 31, 2025, Alexandria has a total market capitalization of $28.8 billion and an asset
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Research Triangle, and New York City. As of June 30, 2025, Alexandria has a total market capitalization of $25.7 billion and an asset
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base in North America that includes 39.6 million RSF of operating properties and 4.0 million RSF of Class A/A+ properties undergoing
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base in North America that includes 39.7 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing
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product, service, and medical device companies; digital health, technology, and agtech companies; academic and medical research
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product, service, and medical device companies; digital health, advanced technology, and agtech companies; academic and medical
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institutions; U.S. government research agencies; non-profit organizations; and venture capital firms. Alexandria has a longstanding and
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research institutions; U.S. government research agencies; non-profit organizations; and venture capital firms. Alexandria has a long-
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proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that
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standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus
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enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and
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environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency,
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success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We
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creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital
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believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher
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platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in
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occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value.
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higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value.
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•Approximately 98% of our leases (on an annual rental revenue basis) contained effective annual rent escalations
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•Approximately 97% of our leases (on an annual rental revenue basis) contained effective annual rent escalations
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•Approximately 93% of our leases (on anannual rental revenue basis)provided for the recapture of capital expenditures
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•Approximately 92% of our leases (on anannual rental revenue basis)provided for the recapture of capital expenditures
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•89% of our leasing activity during the three months ended March 31, 2025 was generated from our existing tenant base.
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•84% of our leasing activity during the last twelve months was generated from our existing tenant base.
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also includes drawing upon our deep, broad, and longstanding real estate and life science industry relationships in order to retain
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also includes drawing upon our deep, broad, and long-standing real estate and life science industry relationships in order to retain
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•Net debt and preferred stock to Adjusted EBITDA of 5.9x and fixed-charge coverage ratio of 4.3x for thethree months ended
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•Net debt and preferred stock to Adjusted EBITDA of 5.9x and fixed-charge coverage ratio of 4.1x for thethree months ended
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•Only 13% of our total debt matures through 2027.
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•Only 9% of our total debt matures through 2027.
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•12.2 years weighted-average remaining term of debt, longest among S&P 500 REITs.
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•12.0 years weighted-average remaining term of debt, longest among S&P 500 REITs.
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•$414.9 million of capital contribution commitments from existing consolidated real estate joint venture partners to fund
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•$297.3 million of capital contribution commitments from existing consolidated real estate joint venture partners to fund
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construction from April 1, 2025 through 2027 and beyond, including$166.8 million from April 1, 2025 to December 31, 2025.
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construction from July 1, 2025 through 2027 and beyond, including$116.7 million from July 1, 2025 to December 31, 2025.
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Continued solid leasing volume and rental rate increases
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Leasing volume and rental rate increases
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(1)Includes projects under construction aggregating 4.0 million RSF. Refer to “Investments in real estate” in Item 2 for additional details.
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769,815 RSF. Refer to “New Class A/A+ development and redevelopment properties: current projects” in Item 2 for additional
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•Solid rental rate increases on lease renewals and re-leasing of space of 18.5% and 7.5% (cash basis) for thethree months
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•Rental rate increases on lease renewals and re-leasing of space of 5.5% and 6.1% (cash basis) for thethree months ended
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three months ended March 31, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have
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ended June 30, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have increased by
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$83.8 million, or 4.4%, compared to thethree months ended March 31, 2024 annualized. Refer to “Net operating income, net
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$111.4 million, or 5.8%, compared to thethree months ended June 30, 2024 annualized. Refer to “Net operating income, net
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•Same property net operating income changes of(3.1)% and 5.1% (cash basis) for thethree months ended March 31, 2025,
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•Same property net operating income changes
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•During the three months ended March 31, 2025, we repurchased 2.2 million shares of common stock for an aggregate
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2024, which include lease expirations that became vacant during the three months ended March 31, 2025, aggregating
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31, 2025, aggregating 768,080 RSF atsix properties across four submarkets. Excluding the impact of these lease expirations,
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Excluding the impact of these lease expirations, same property net operating income changes for thethree months
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(cash basis). Refer to the “Summary of occupancy percentages in North America” in Item 2 for additional details.
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614,422 RSF over the next several quarters. Refer to the “Summary of occupancy percentages in North America” in Item
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2025, compared tothree months ended March 31, 2024, is primarily the result of cost-control and efficiency initiatives on
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six months ended June 30, 2024, primarily the result of cost-control and efficiency initiatives on reducing personnel-
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personnel-related costs and streamlining of business processes.
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related costs and streamlining business processes.
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March 31, 2025 were 6.9%, representing the lowest level in the past ten years, compared to 9.5% for the trailing twelve
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June 30, 2025 were 6.3%, representing the lowest level in the past ten years, compared to 9.2% for the trailing twelve
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•Common stock dividend declared for thethree months ended March 31, 2025 of $1.32 per share aggregating$5.24 per
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•Common stock dividend declared for thethree months ended June 30, 2025 of $1.32 per share aggregating $5.26 per
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common share for thetwelve months ended March 31, 2025, up 22 cents, or 4%, over thetwelve months ended March 31,
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common share for thetwelve months ended June 30, 2025, up 18 cents, or 3.5%, over thetwelve months ended June 30,
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the years ended December 31,2021 through 2024 and the midpoint of our 2025 guidance range for net cash provided by
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the years ended December 31,2021 through 2024 and the midpoint of our 2025 guidance range.
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We plan to continue funding a significant portion of our capital requirements for the year ending December 31, 2025 through
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We expect to fund a significant portion of our capital requirements for the year ending December 31, 2025 through dispositions
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dispositions of non-core assets, land, partial interest sales, and sales to owner/users (in millions):
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of non-core assets, land, partial interest sales, and sales to owner/users. We expect dispositions of land to represent 20%–30% of our
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Significant leasing progress on temporary vacancy for the three months ended March 31, 2025, including previously disclosed key
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Significant leasing progress on temporary vacancy
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(2)Includes 768,080 RSF of previously disclosed key lease expirations for the three months ended March 31, 2025. Refer to “Summary of properties and occupancy” in
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(1)Refer to “Summary of properties and occupancy” in Item 2 for additional details.
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•$28.8 billion in total market capitalization.
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•$25.7 billion in total market capitalization.
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•$15.7 billion in total equity capitalization.
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•$12.4 billion in total equity capitalization.
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•Unrealized gains presented in our consolidated balance sheet were$31.9 million, comprising gross unrealized gains and
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•Unrealized gains presented in our consolidated balance sheet were$7.7 million, comprising gross unrealized gains and
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June 30, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have increased by 4.6% for
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projects” in Item 2 for additional information.
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2026 from projects expected to stabilize in 2027 and beyond.
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development and redevelopment projects. This estimate does not account for the cost of potential delays that may occur
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•$1.95 billion from dispositions and sales of partial interests in real estate assets at the midpoint of our 2025
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operating income from development and redevelopment projects expected to be placed into service primarily commencing from the third quarter of 2025 through thefourth quarter of 2026 is projected to be$103 million. Refer to
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(2)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.
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unaudited consolidated financial statements in Item 1 for additional information.
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the impact of these expiring initial free rent concessions, same property net operating income changes (cash basis) for thethree and six months ended June 30, 2025
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(on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance,
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utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to
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amortization related to properties that were sold or classified as held for sale subsequent to April 1, 2024.
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30, 2024, resulted from the following (dollars in thousands):
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The following table presents a comparison of the components of net operating income for our Same Properties and Non-Same
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“Definitions and reconciliations” in Item 2 for definitions of “Tenant recoveries” and “Net operating income” and their reconciliations from
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the most directly comparable financial measures presented in accordance with GAAP, income from rentals and net income,
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(1)Decrease in total net operating income includes the impact of operating properties disposed of after January 1, 2024. Excluding these dispositions, net operating income
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compared to$1.51 billion for thesix months ended June 30, 2024, due to adecrease in rental revenues, partially offset by anincrease
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to$1.2 billion for thesix months ended June 30, 2024. Thedecrease was primarily related to our Non-Same Properties resulting from
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the dispositions of real estate assets since January 1, 2024.
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(i)182,054 RSF at the Alexandria Technology Square® Megacampus in our Cambridge submarket, (ii)234,249 RSF at 409 Illinois
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Street in our Mission Bay submarket, (iii) one property aggregating 104,531 RSF in our Research Triangle market, and (iv) two
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properties aggregating 247,246 RSF in our Austin submarket.
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$352.5 million for thesix months ended June 30, 2024, primarily in connection with Same Properties.
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thesix months ended June 30, 2025, as discussed under “Rental operations” below. As of June 30, 2025,91% of our leases (on an
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Depreciation and amortization expense for thesix months ended June 30, 2025 increased by$109.9 million, or 19.0%, to
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relates to 3.0 million RSF of development and redevelopment projects placed into service subsequent to January 1, 2024 andthree
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implemented in since 2024, including reduction in headcount, restructuring of compensation plans, systems upgrades, and process
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improvements. As a percentage of net operating income, our general and administrative expenses for the trailing twelve months ended
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(1)Represents the average debt balance outstanding during the respective periods.
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(2)Represents annualized total interest incurred divided by the average debt balance outstanding during the respective periods.
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The net change in interest expense during thesix months ended June 30, 2025, compared to thesix months ended June 30,
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(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and
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For additional information about our investments, refer to Note 7 – “Investments” to our unaudited consolidated financial
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statements in Item 1. For our impairments accounting policy, refer to “Investments” in Note 2 – “Summary of significant accounting
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policies” to our unaudited consolidated financial statements in Item 1.
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currency translation gains related to our operations in Canada.
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(3)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under “Definitions
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Part I; “Item 1A. Risk factors”; and “Item 7. Management’s discussion and analysis of financial condition and results of operations” in our annual report on Form 10-K for
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development and redevelopment properties: current projects” in Item 2 for additional details.
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(1)Refer to “Summary of occupancy percentages in North America” in Item 2 for additional details.
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•89% of our leasing activity during the three months ended March 31, 2025 was generated from our existing tenant base.
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value of$208.1 million at an average price per share of$96.71.
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Way located at the Alexandria Center® for Life Science – Millbrae in our South San Francisco submarket.
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projects expected to stabilize in 2027 and beyond.
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For the Three Months Ended March 31, 2025
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(1)Based on annual rental revenue in effect as of March 31, 2025.
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properties: current projects” in Item 2 for additional details.
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operating income for the three months ended March 31, 2025 would have been 2.2%.
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our Mission Bay submarket, (iii) one property aggregating 104,531 RSF in our Research Triangle market, and (iv) two properties
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leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes,
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insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in
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thethree months ended March 31, 2025 (in thousands):
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from operations per share, as adjusted.
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Part I; “Item 1A. Risk factors”; and “Item 7. Management’s discussion and analysis of financial condition and results of operations” of our annual report on Form 10-K for
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the year ended December 31, 2024, as well as in “Item 1A. Risk factors” within “Part II – Other information” of this quarterly report on Form 10-Q. To the extent our full-
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During the three months ended March 31, 2025, we repurchased 2.2 million shares of common stock for an aggregate value of$208.1 million at an average price
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per share of$96.71. As of the date of this report, the approximate value of shares authorized and remaining under this program was$241.8 million. Subject to market
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(5)Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured senior notes payable.
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Management’s discussion and analysis of financial condition and results of operations” of our annual report on Form 10-K for the year
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debt balance of approximately$100 million of the previous$600 million debt was repaid through contributions from the unconsolidated
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In July 2024, we entered into an amendment to our existing ground lease agreement at the Alexandria Technology Square®
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investments, impairment of real estate, impairment of non-real estate investments, and changes in the provision for expected credit
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three months ended March 31, 2025 and 2024 (dollars in thousands):